Iran says oil prices expected to rise by January

Iran's OPEC governor said crude oil prices were expected to reach $80 a barrel by January, the oil ministry website, SHANA, reported on Sunday. "Because of encouraging developments in the oil market, the oil prices will reach $80 per barrel by the end of this year," Mohammad Ali Khatibi said.

Khatibi's remarks contradicted his comments on Friday when he said the prices were "not expected to increase by January".

Light sweet oil climbed above $69 on Friday, rising for a second day on renewed expectations, mainly on equity markets, of a global economic recovery that may increase the world's energy demand.

Iran's OPEC governor said on Friday that some of the cartel members may demand in its next meeting further crude oil production cuts if oil prices continued to drop.